2008

TORONTO,
Ontario (September 2, 2008) – Pinetree Capital Ltd. (TSX: “PNP”) (“Pinetree”) announces that on August 29, 2008, it acquired a $1,000,000 debenture in Nearctic Nickel Mines Inc. (“Nearctic”), convertible into 2,500,000 units at a price of $0.40 per unit, with each unit being convertible into one common share and one 5-year common share purchase warrant exercisable for one common share at a price of $0.75 (the “Pinetree Convertible Securities”). These holdings represent 5,000,000 common shares on full conversion, including the exercise of the underlying share purchase warrants, or approximately 16.2% of the total issued and outstanding common shares of Nearctic as of August 29, 2008, calculated on a partially diluted basis assuming the exercise of the Pinetree Convertible Securities only. In addition to Pinetree’s holdings, Pinetree, together with its joint actors owns a total of 3,649,800 common shares and the Pinetree Convertible Securities. Pinetree owns only the Pinetree Convertible Securities directly. If the Pinetree Convertible Securities are fully exercised, including the underlying share purchase warrants, the aggregate holdings of Pinetree and its joint actors would represent a total of 9,649,800 common shares of Nearctic, or approximately 30.3% of the total issued and outstanding common shares of Nearctic as of August 29, 2008, calculated on a partially diluted basis assuming the exercise of the Pinetree Convertible Securities only.

Pinetreee or its joint actors could increase or decrease their investments in Nearctic depending on market conditions or any other relevant factor.

About Pinetree

Pinetree Capital Ltd. ("Pinetree") was incorporated under the laws of the
Province of
Ontario and its shares are publicly traded on the Toronto Stock Exchange under the symbol “PNP”. Pinetree is a diversified investment and merchant banking firm focused on the small-cap market. Pinetree’s investments are primarily in the following resources sectors: Uranium, Oil & Gas, Molybdenum, Precious Metals, Potash and Rare Earths, and Base Metals. Pinetree’s investment approach is to build a macro position in a sector, find the micro-cap opportunities within that sector and work with those companies to build them to commercial production and create an exit.

For more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com